Geo-Jade Secures Major Oil and Power Deal in Iraq
Deal News | May 21, 2025 | Zawya
On Wednesday, Iraq finalized a significant contract with China's Geo-Jade to spearhead a transformative set of projects involving the development of an oilfield and the construction of various large-scale energy infrastructures. The projects, located in Basra, will include the expansion of the Tuba oilfield to produce 200,000 barrels per day, along with the establishment of an oil refinery with the same capacity. The collaboration extends to the creation of a petrochemical plant capable of producing 620,000 tonnes annually, a fertilizer plant with a capacity of 520,000 tonnes, and two power stations comprising a 400 MW solar facility and a 650 MW gas-powered plant. The endeavor conducted alongside project partner Hilal Al Basra is perceived as a major advancement in enhancing Iraq's oil wealth and overall national economy.
Sectors
- Oil and Gas
- Power Generation
- Petrochemicals
Geography
- Iraq – The projects and developments are set to take place in Basra, a region in southern Iraq, central to the country's oil production activities.
- China – Geo-Jade, a pivotal Chinese company involved in the deal, signifies the importance of China in international energy agreements.
Industry
- Oil and Gas – The article discusses the development of the Tuba oilfield to increase its output to 200,000 barrels per day, highlighting the core focus on the oil production sector.
- Power Generation – The construction of a 400 MW solar power plant and a 650 MW gas-fueled power plant as part of the project emphasizes the involvement of the power generation industry.
- Petrochemicals – This project includes the establishment of a petrochemical plant with a production capacity of 620,000 tonnes annually, indicating a focus on the petrochemical industry.
Financials
- 200,000 bpd – The planned production capacity enhancement of the Tuba oilfield as part of the project.
- 620,000 tonnes – Annual production capacity of the new petrochemical plant planned in Basra.
- 400 MW – Capacity of the proposed solar power plant in Basra.
- 650 MW – Capacity of the proposed gas-fueled power plant in Basra.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Geo-Jade | Bidding Company | Company | A Chinese company that signed a contract to develop various energy projects in Iraq. |
| Hilal Al Basra (Crescent Basra) | Project Partner | Company | An Iraqi company partnering with Geo-Jade in the development of oil and power facilities. |
| Iraqi Government | Selling Company | Government | The authority finalizing the contract with Geo-Jade for energy project developments in Basra. |
| Oil Minister Hayan Abdel Ghani | Government Official | People | Iraq's oil minister who formalized the agreement with Geo-Jade. |
| Iraqi News Agency | Source | Company | Provided the official announcement of the contract involving Geo-Jade in Basra. |